Welcome to my blog! This shale blog is meant for people interested in keeping up on the latest shale news across the USA & Canada. With higher oil and natural gas prices, discovering have been on fire. The Eagle Ford Shale, Haynesville Shale, Bakken Shale, Niobrara Shale, and the Marcellus Shale have really produced giant wells and the interest keeps coming. Mineral rights leases are doing incredible!

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Thursday, October 9, 2008

Effective September 15, 2008, Aurora Oil & Gas Corporation ("Aurora") completed the sale of approximately 33,000 net acres, representing its entire Woodford shale position, for cash and other consideration valued in excess of $15 million. The transaction was completed with a private operator, Presidium Energy, LC ("Presidium"), which had been working to purchase the project from Aurora for several months. During that time period, Presidium made a $2 million non-refundable payment for the acreage and paid over $1 million of obligations to Aurora's operating partner in Oklahoma. At closing, Presidium made an additional $1 million cash payment and provided a promissory note in the amount of $12 million. In addition, Presidium assisted in negotiating a resolution to the lawsuit between Aurora and its operating partner, which led to a dismissal of the litigation, with prejudice.